Mortgage Insurance is also Known as Temporary or Term Insurance as well as 'Creditor Insurance' by the Banks

While Mortgage Insurance Works For You...
Buyer Beware: Creditor Insurance Works For the Bank
You May Not Be Insured!

People who buy Mortgage Insurance from the big five banks are led to believe that they are protecting their mortgage when in fact, the true name for this product is “Creditor Insurance,” and the only one being protected is the creditor - which is the bank. Many bank representatives make it seem like you must purchase this at the bank, but this is not the case and it is not in your best interest to...

What's wrong with buying creditor insurance from the bank?

Higher Premiums
The bank’s Creditor Insurance has a higher monthly premium than what you would receive with a qualified life insurance product.

50% of the time you pay, but you're not insured
Creditor Insurance is not underwritten when it is purchased. You fill out a questionnaire without submitting blood or urine. If you die then the bank begins the underwriting process. Over 50% of the time underwriting leads to a decline. Many people get declined because of improper disclosure of the questionnaire that you filled out and if they decline you, your beneficiary only receives a refund of the premiums paid to date. The mortgage balance will still need to be paid by the remaining spouse.

Even when you are insured, you only get a fraction of what you've been paying for
If the bank decides that the deceased spouse was insurable, then they will pay themselves out the remaining balance of the mortgage. If you had a $500,000 mortgage and after 15 years only $250,000 was owed they will only pay the balance off and you are mortgage free. However, you have been paying a premium based on $500,000 and there are no additional monies going to the beneficiary.

Why is Mortgage Insurance aka Term Insurance from a Broker a Better Option?

When we insure you, you can rest assured that you're actually insured
Term insurance is underwritten at the time of the application. If you get declined, you're going to get declined before you start paying premiums.

It's less expensive
The cost is almost always less than what the bank's Creditors Insurance costs.

You actually get what you pay for
When you buy term insurance through us, you are actually insured for the full amount that you purchase. Therefore if you purchase $500,000 of insurance and you pass away prior to the end of the term,  you will be paid the total amount of the $500,000. That means that if $250,000 was left outstanding on the mortgage, the bank would get the $250,000 that you owe them, and your spouse would keep the remaining $250,000 as the beneficiary.

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Let ICC Educate You on Different Coverage Scenarios, Help You Determine the Best Plan for Your Specific Situation, Shop the Market with the Different Insurance Companies, 
And Get the Best, Custom Coverage for You at the
 Lowest Premium